I don't have one. I'm weeks from turning 65, but I've never tried to take out any kind of loan, mortgage, or credit card, and haven't purchased anything on a buy-now-pay-in-installments in well over a decade and half (a couple of times I purchased gifts from gift catalogs, weren't really expensive, must have been around 2005). How much of a problem is it that I don't have a credit score... and what if anything can I do about it??? (one problem I've already encountered was not being able to verify my identity to get into my IRS account, and a current concern is I'm hoping to move and have heard these days landlords check credit).
My mother couldn't get satellite TV installed because she didn't have a credit score. Had to get it in my name. You couldn't rent a car without a credit score. The easiest way is probably just apply for a credit card and use it a few times. You can't just be added to another person's credit card account as a second user. Gotta have your own. These are just 3 things I encountered, some long ago. Things may have changed.
I hope someone here can answer this, and also I would think the rest of your background would be enough to show you are a good risk for sure. I was told that the main thing with a credit score is it shows that I make my payments on time, no issues. Also, my credit score is higher, about 750 right now, but it doesn't do any good with purchasing a vehicle, or home (loan) if my income is too low, which mine is usually. I don't understand it all, but I know there will be someone here to help you Joanna. Are you planning to buy a home or rent? That will probably make a difference as well, although I don't know.
Depending on what you need to do, it can be a problem. I had that problem while I was single because I was making enough money, and not spending a lot, that I didn't need to buy stuff on credit. As Nancy suggests, you will be able to get a credit card, I'm sure, and you can always make a point of buying stuff on credit, even if you don't need to, and paying it off. Having no credit record can be worse than having a moderately poor credit record, although perhaps not as bad as having an incredibly poor credit score.
Thanks Denise! I'm looking for another apartment. Weird thing is my credit score was always good when I had one!!!
I live in some apartments and had none or low credit score, and little rental references and got a place within 3 months. That was almost 7 years ago. I then got a credit account with Amazon, at the suggestion of a good friend that I met here (sadly we lost her a few years ago now). Anyway, my credit score started shooting up very quickly even with small purchases. I'd just keep applying for the places you'd like to live and just put an extra note, or talk to them
The catch is my income is so bad these days that I can't come up with rental-application fees... that's the main reason I'm still stuck here.
I'm very low income myself Joanne, just live on what SS I had coming to me. If you are looking at low income apartments, I can help you a lot. I found a website years ago, as I want to move into a place closer to friends and family. I can send you the website if you are interested, or you can p.m. here. I was shocked to see what the numbers are that are considered low income in this country. I don't know if HUD goes along with those numbers, but I know my sister is living on just SS but she is but a few dollars over the limit to rent from HUD Her nor I ever lived on Welfare, worked our whole lives but didn't have high paying jobs, and few benefits. Yes, I could have looked more toward my future but honestly, I don't think I realized I'd get old til I got there, lol!!
You and I are in the minority in this country. Paying everything off on time and in full is the answer. I went into a sprint store, asking about a phone. The kid did a credit check and said he had never seen a credit score that high and that I could get 5 phones. I got a tracfone instead. But, things sure have changed since the 70's when you could not even GET a credit card because you had no credit. How were you even supposed to GET credit?!
I had the same experience @Mary Stetler . We haven't done any loans in a long time, but the last time we did--in 2014--for my wife's nearly-new car, my score came up about 900 and my wife's was listed as 920...even though she had little credit in her own name and little income from her own sources. Go figure. When I changed my truck financing even longer ago, the clerk came back after checking with his boss and he was told to "give them whatever they want". I am able to dictate the terms on my credit cards, and, like @Ken Anderson when was single I did everything in cash so I didn't have a credit record. I went to a local bank and took out a "personal loan" for $100 and paid it off in 5 $20+ payments to establish credit. I tried American Express and they wouldn't give me a card (I did some international travel at the time), then tried Mastercard and Visa. Mastercard turned me down, but Visa gave me a card. All my cards ever since have been Visa and I will not even accept or activate a Mastercard if it is mailed to me. I bear grudges a long time....